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Business briefs - June 2

June 02, 2013

Greater Chambersburg Chamber of Commerce

CHAMBERSBURG, Pa. — The Greater Chambersburg Chamber of Commerce welcomed the following new members in May:

• 1st Ed Credit Union, 1156 Kennebec Drive, Chambersburg

• ADP, Waynesboro, Pa.

• American Red Cross Blood Bank, Bedford, Pa.

• Franklin Orthodontics, 39 St. Paul Drive, Chambersburg

• Keystone Women’s Health Care, 830 Fifth Ave., Chambersburg

• Keystone Dental Care, 767 Fifth Ave., Suite B-3A, Chambersburg

• Keystone Internal Medicine, 830 Fifth Ave., Suite 201, Chambersburg

• Keystone Health Walk-In Care, 830 Fifth Ave., Suite 201, Chambersburg

• Keystone Pediatrics, 830 Fifth Ave.,  Suite 103, Chambersburg

• Keystone Family Medicine, 820 Fifth Ave., Chambersburg

• Keystone Behavioral Health, 820 Fifth Ave., Chambersburg

• Keystone Pharmacy, 830 Fifth Ave., Suite 101, Chambersburg

• Keystone Health-HIV Program, 830 Fifth Ave., Suite 201, Chambersburg

• Keystone Health Infectious Diseases, 830 Fifth Ave., Suite 201, Chambersburg

• McClure Co., Harrisburg, Pa.

• PA Media Group, Mechanicsburg, Pa.

• Revive Bodyworks, 1915 Lincoln Way East, Chambersburg

• Special “Finds…,” 1206 Ragged Edge Road, Chambersburg

• Stevi B’s Pizza Buffet, 945 Wayne Ave., Chambersburg

• Sylvan Learning Center, 1976 Scotland Ave., Chambersburg

• ULTA Inc., 95 Kriner Road, Chambersburg



MVB Financial Corp.

FAIRMONT, W.Va. — MVB Financial Corp. and its subsidiary bank, MVB Bank Inc., recently announced quarterly results for the period ending March 31.

First-quarter 2013 net income of $1.2 million increased by 38 percent compared to the first quarter of 2012. Results for the first quarter 2013 include the addition of Potomac Mortgage Group Inc. for its first full quarter as a part of MVB. 

MVB’s net interest income was $3.5 million for the first quarter of 2013, an increase of $375,000, or 9 percent, from the same time period in 2012. The gain was driven mainly by the continued growth in loan volume, with 14 percent loan growth and a sustained demand for refinancing motivated by historic low mortgage rates.

Interest expense of $1.2 million in the first quarter of 2013 was comparable to the first quarter of 2012. Total interest income in the first quarter of 2013 was $5.7 million, an increase of $335,000 or 6 percent, compared with the first quarter of 2012, a gain also due to continued growth in loan volume.

Expenses nearly tripled in the quarter, largely resulting from funding and implementation of organic growth initiatives, as well as costs related to the acquisition of PMG.  

MVB’s loan portfolio continued to drive asset growth in  the first quarter of 2013 with a 14 percent increase, or $56.2 million addition, in commercial and mortgage lending compared with the same period in 2012. 

Total assets increased by $184.4 million, or 32.2 percent, this quarter compared with the first quarter a year ago, primarily based on the PMG acquisition. 

In addition to expanding its market presence in the first quarter, MVB’s Most Valuable Checking and Most Valuable Savings products were reintroduced, along with new mobile banking apps and improved online banking.

A newly renovated branch is set to open in June in the Martinsburg, W.Va., market.



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